Setting up drawdown with II how long does it take?

Miiade

Hi

i will be starting drawdown next year from my sipp with interactive investor and was wondering how long this process takes.

Do I have to have a phone conversation with them or can I do it all by email. How long should I email them before I can start my first drawdown.

I will be taking 25% of each monthly amount take free, is the income tax automatically took off the remaining 75%.

Many thanks

coyrls

https://www.ii.co.uk/ii-accounts/sipp/retirement  There are links for each of the options that go through the process.
From what you say it sounds like you want UFPLS: https://www.ii.co.uk/ii-accounts/sipp/ufpls/take-ufpls

LHW99

You are talking about doing a monthly UFPLS (25% TFC, 75% taxable).

With II, you would have to complete a request each month, as they don't seem to do a recurrent option at the moment.

We have taken a single UFPLS in July, and it took about a week, and was all online AFAIR.

Why not do a single annual one, and feed a monthly amount from a savings account into your main one?

dunstonh

I will be taking 25% of each monthly amount take free, is the income tax automatically took off the remaining 75%.

II don't support that method.  So, you would need to move to a provider that does.   Or perhaps reduce the frequency to do a manual ad-hoc lump sum every quarter, half year or yearly. Try and make sure one of the withdrawals from thee pension is in payroll month 12 (after 6th March) as that will keep the tax tidy for you.

There is a general rule of thumb that you should not change what is best for you because a provider cannot facilitate it.  You should pick a provider that meets your objectives.   However, if you have an attachment to II, then reduced frequency used in conjunction with a savings account and a sweep each month should achieve similar.   

Miiade

Thanks for the info all.

I think I will do maybe 2 withdrawals a year and transfer an amount each month to my spending account.